The collaboration was announced at the US Africa Leaders Summit.
To this end, the DFC has pledged to support potential investments of up to $50m in organisations within the Community Pass network which includes Kenya, Tanzania, Uganda, Mozambique and Mauritania, as well as India.
“DFC places a priority on mobilising private-sector investment in building out digital infrastructure,” said DFC chief executive officer, Scott Nathan. “DFC and Mastercard’s work in bolstering financial inclusion and improving access to digital tools will help make progress toward our shared goal of bridging the digital divide.”
Mastercard aims to reach 15 million Community Pass users in Africa, and 30 million users in total, by 2027. By growing the network of financial institutions and service providers on the Community Pass platform, this collaboration between DFC and Mastercard seeks to increase access to critical services in under-served communities, with the broader goal of building a more inclusive and sustainable digital economy for all.
“The Community Pass platform enables businesses, governments, and NGOs to service rural and frequently offline communities. For example, farmers can access quality seeds, fertilizers, and buyers, as well as payments and credit, said Mastercard executive vice president of humanitarian and development,Tara Nathan.
“Our partnership with DFC exemplifies how funding from the public sector, combined with technology and expertise from the private sector, can create a whole that is greater than the sum of its parts.”
Through Community Pass, service providers can expand access to essential services and reduce the cost of delivering them. The platform helps enable digital transactions through innovative features and secure data platforms. For example, financial institutions and ag techs in Africa are using Community Pass to digitise agricultural value chains, enable access to credit, and create a bigger pool of buyers, helping smallholder farmers get paid more and faster.
Mastercard’s focus on building and scaling its Community Pass platform is just one example of the company’s commitment to advancing economic development and financial inclusion in Africa.
In collaboration with partners like DFC — as well as other international organisations, governments, banks and fintechs — Mastercard is working to connect to individuals at the base of the pyramid with digital tools, including millions of farmers in Africa who use Community Pass to access markets, grow their enterprises, and bolster their financial security.